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1. Adam Smith wrote of, "The Invisible Hand" in economics. Give a critical evaluation of the way in which this concept has been affected by the theories of Maynard Keynes, Karl Marx, Milton Friedman and political expediency and /or dogma.
You may use any pictorial technique to justify your argument you see as relevant and appropriate. i.e. Graphs, Charts, Economic curves, etc.)
2. "The sole purpose of production is consumption", Adam Smith. Evaluate this statement in relation to contemporary business activity, David Ricardo's theories and the effect of trading groups such as the European Union, NAFTA, etc. Your response should use any pictorial technique you feel supports your argument.
the bank issues a letter of credit to one of its corporate clients. what is the immediate impact on the equity ratio?
Identify an instance where a price control is used in our markets. Why do you think this price control exists? Also discuss the possible negative effects it may have on the market
A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000. What is the marginal product of labor?
Find the future value one year from now of a $7,000 investment at a 3 percent annual compound interest rate. Also calculate the future value if the investment is made for two years
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analyze the effect of externalities on market outcomes. differentiate among horizontal vertical and conglomerate
What are the equilibrium price and quantity? How much revenue do kumquat producers receive when the market is in equilibrium? Draw a graph showing the market equilibrium and the area representing the revenue received by kumquat producers.
Which of the following would shift the aggregate demand curve to the right?
car breaks down and you are deciding to have it repaired. The most relevant issue in this economic decision is:A. How much you spent on past repairs on the car B. How much you paid for the car when you bought it
which of the following public policies restricts competition?a. licensingb. patentsc. import quotasd. all of the
Explain the relationship between the price of a resource and the quantity demanded of that resource with reference to supply, demand, and derived demand.
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